The idea that supply creates its own demand is known as
A. Say's law.
B. Keynes' law.
C. the law of diminishing returns.
D. Murphy's law
Answer: A
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Classical growth theory argues that when real GDP per person rises above the subsistence level
A) technological change slows down, stagnating the economy. B) population growth increases, driving real GDP per person back to subsistence level. C) people don't want to work as much, decreasing labor supply. D) the economy enjoys a period of permanent growth.
In the above table, the total variable cost of producing 16 units of output is
A) $20. B) $60. C) $100. D) $120.
All else equal, a decrease in the supply of labor will shift the labor supply curve to the left and decrease the equilibrium wage
Indicate whether the statement is true or false
Recall the Application about the incentives to install rooftop solar panels to answer the following question(s).According to the Application, another factor that was responsible for solar power deployment was the rising price of electricity. The increase in sales due to higher electricity prices describes the economic concept of:
A. using assumptions to simplify. B. ceteris paribus. C. rational self-interest. D. marginal thinking.